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China trade: imports grow at fastest pace in a decade as trade surge continues
- China’s exports grew by 27.9 per cent in May compared with a year earlier
- China’s imports grew by 51.1 per cent last month, the fastest import growth since January 2011
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China’s imports and exports grew again in May, but both missed expectations, data released on Monday showed.
Imports grew by 51.1 per cent in May from a year earlier to US$218.4 billion, up from the 43.1 per cent growth in April, according to data from the National Bureau of Statistics. This was below the median result of a survey of analysts conducted by Bloomberg, which predicted 54.5 per cent growth.
This was the eighth consecutive period of import growth and the fastest import growth since January 2011, although the fact that imports fell by 16.7 per cent in May last year due to the impact of the coronavirus is a factor in the size of the increase this year.
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China’s exports grew by 27.9 per cent last month from a year earlier to US$263.9 billion, down from the 32.3 per cent growth seen in April. This was also below the result of the Bloomberg survey, which predicted 32 per cent growth.
Export surprised a bit on the downside, maybe due to the [coronavirus] cases in Guangdong province which slowed down the turnover in Shenzhen and Guangzhou ports
This was the 11th consecutive period of export growth, but again, the export drop of 3.3 per cent in May last year means the latest figures also started from a low base.
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